Rovio's Revenue Doubles in 2012 - News

Rovio, the Angry Birds developer, has released its financial results for its full 2012 calendar year. Revenue increased by 101 percent to €152.2 million, up from €75.6 million in 2011. The Consumer Products business division revenue increased more than three times and accounted for 45 percent of the total revenue.

"Year 2012 was another record-breaking year for Rovio. We doubled our revenue with an EBIT margin of 50%, more than doubled our headcount, established new offices and a New Business Ventures unit." said Rovio CFO Herkko Soininen. "Also, to protect our own, as well as our partners’ and our fans’ interests, we continue to invest heavily in brand protection globally."

"Rovio has grown from a phenomenon to a very successful global business," said Rovio CEO Mikael Hed. "In 2010 we set out to build an entertainment company and after last years performance we are on a strong path to achieve our goal."

The number of employees more than doubled in 2012. At the beginning of the year there were 224 employees and by the end of it there were 518 employees.

Looking at 2013, Rovio expects to continue its growth and depends on the success of new titles. Rovio will try to keep its fans engaged in its new games. Rovio also said the sales of new devices is critical in driving sales of mobile games, as well as the Angry Birds Toons cartoon series.

"We have had a stellar start for this year. In addition to our successful games portfolio we recently launched our first Angry Birds Toons series through third party partners and our own in-game distribution channel," said Mikael Hed. "We will continue to strengthen our position in the entertainment business through continuing to innovate on our existing brands, exploring creating new IP as well as exploring opportunities with external parties."